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Money Market Or Saving Account With High Interest And High Limit ACH?

obi
  |     |   14 posts since 2014

Right now I use fnbodirect, 1.85% APY and 25K a day ACH transfers. I use it for occasional transfers in and out of higher rate accounts which have miniscule ACH limits. fnbodirect is not ideal, since $25K is still limiting and the number of days they take for a transfer is annoyingly large.

Does anyone have a bank to recommend that would be an improvement. Reasonably high rate, and less limited and faster ACH?

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4


FrankSavage
  |     |   45 posts since 2017
Sent you a PM.
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atikovi
  |     |   2 posts since 2018
Check PurePoint with 1.90 APY.
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RJM
  |     |   499 posts since 2011
All American/redneck pays 2% and although they have low ACH limits, you can usually call ahead and get approval for larger amounts.

The downside: The 2% is only on the first $50k.

It might be worth opening a brokerage account at Vanguard. Their money market pays a very good rate and I read someone say they have free wire transfers.

VMMXX pays 2.06/2.08%.

I am with Fidelity and I use them for ACH but they pay less....1.83% but I am hoping they reduce their abnormally high fees for that account. They charge ..42% versus Vanguards .16%.

But Fidelity hands out free trades while Vanguard does not. They gave me 500 free trades over 2 years for a $100k deposit. The $100k needs to stay for 9 months. While I wont use 500 free trades, I will use some and it will allow me to purge my accounts of small positions without it costing me $4.95 each.
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